News & Events
Bank of America Adopts Chesapeake's Technology to Provide On-Line, Multi-Bank Cash Positioning and Forecasting as Key Value-Added Service for Commercial Clients
Chesapeake System Solutions, Inc. ® announced that Bank of America will be offering a new benefit to its commercial clients - enhanced management of their cash and liquidity workflows via Chesapeake's treasury workstation solution. The new service will allow Bank of America commercial customers to take advantage of the many financial tools available through one of Chesapeake's signature treasury management applications.
By incorporating Chesapeake's solution into its offering of treasury management solutions Bank of America will deliver both traditional treasury management and information delivery services, as well as a comprehensive treasury workflow solution previously only available to very large corporations. In fact, one of the key criteria leading Bank of America to select the Chesapeake software was its flexible technology.
Chesapeake's cash position worksheet (CPW) will allow Bank of America's clients to continue functioning in a familiar personalized spreadsheet environment, but with the benefit of a single centralized database. Additionally, via CPW remote access, treasurers can place responsibility for initiation of payments, EFT authorizations, and other similar tasks at the appropriate division level, with final approval and review by the treasury staff. Major CPW functions include automated scheduling, balance and detail reporting, personalized cash position worksheets, cash forecasting, funds transfers, general ledger interface and treasury reconciliation.
Further contributing to the selection of Chesapeake's treasury workstation technology by Bank of America is the company's highly acclaimed industry reputation. Chesapeake is a leading provider of financial software solutions to the banking, retail, corporate, insurance and financial institutions marketplace
"Our treasury tool will help Bank of America's clients consolidate critical cash and liquidity information from many financial institutions into one database, eliminating the time-intensive need to re-key data into multiple spreadsheets," said Chesapeake president Peter Vogelberger. "This advanced functionality will expand treasuries' view of their positions and forecasts, resulting in more educated and accurate financial decisions."
About Bank of America Global Treasury Services (GTS)
The Global Treasury Services (GTS) division of Bank of America provides integrated working capital management and treasury solutions to clients that include multi-nationals, correspondent banks, governments and global 1000 businesses. GTS services include treasury management, trade finance, foreign exchange, and short-term investing. Bank of America GTS is the number one treasury and trade services provider in the United States.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,500 ATMs and award-winning online banking with more than eleven million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.
About Chesapeake System Solutions, Inc.
Chesapeake System Solutions, Inc® offers the total end-to-end treasury solution, seamlessly integrating cash management with reconciliation, Internet data collection, account analysis and compliance. Chesapeake's single-vendor solution includes SmartTreasury®, powered by Gateway Systems, Inc.™, a modular desktop and web-based treasury workstation, Total Reconciliation Solution (T-Recs®), a comprehensive reconciliation and deposit verification system, Chesapeake IDM (Internet Data Manager), the one-step bank information gathering solution, SmartAnalysis®, helps you analyze trends and compare services across your banks, and the Unclaimed Property Compliance System (UPCS™), which automates unclaimed property reporting for all 54 jurisdictions.
Chesapeake shares information across all applications, allowing you to better manage treasury operations, enforcing reporting rules and ensuring Sarbanes-Oxley and other financial compliance regulations are being met. Chesapeake's growing success evolves from its powerful combination of customer and industry-driven software, personalized customer support and advanced technology and functionality. For more information, visit www.chessys.com